Dow Record Close Despite Bond Yields, Bullion, & Black Gold Battering

Despite the best efforts of business media to paint a rosy picture of the Black Friday spend-fest, stocks had only one trajectory – from upper left to lower right – from the open. Small Caps were slammed but all major indices gave up significant knee-jerk “energy schmenergy” gains to close ugly. However, The Dow was pushed just into the green – and new record highs – to prove everything in the centrally planned world is awesome. Crude oil prices were monkey-hammered to 5-year closing lows. The USDollar gained on the day – after 3 down days – and combined with Swiss referendum expectations, gold faded notably (as did Silver with oil). Treasury yields tumbled 10-12bps on the week and HY credit notably underperformed.

Ugly day for stocks…